Select & Collect – Minimise shrinkage, maximise control
All retailers struggle with inventory losses and with seeing their revenues dwindle due to shrinkage. The average shrinkage in the retail industry is about 2 % of sales (National Retail Federation). That added up to $123 billion for retailers worldwide in 2015.
Shrinkage due to theft – internal or external – is one of the most urgent issues for the retail industry to solve. Shrinkage due to employee theft and shoplifting make up 77% of the total shrinkage globally.
The most stolen products are small premium price products: razors, tobacco, non-prescription drugs, condoms, pregnancy tests, batteries, mobile accessories, and makeup – products that are easy to conceal and re-sell.
Closely connected to the shrinkage issue, is inventory control. Monitoring inventory, counting and restocking ties up a lot of resources and takes away from more productive activities.
How it works
With a Select & Collect solution, shrinkage can be eliminated at the same time as inventory control becomes more efficient. A Select & Collect solution stores the premium price products in a dispenser placed at the exit of the store. Customers get product cards or tickets from touch screens around the store, move on to the checkout, pay for the products and then collect them from the dispenser.
Zero losses, better business
Vensafe is StrongPoint’s Select & Collect solution for premium price products that eliminates losses and optimises inventory operations. Premium price products are stored in the secure Vensafe dispenser. This protects profits by preventing all losses due to shoplifting or employee theft.
With Vensafe, your staff don’t have to stock and restock the premium price products, they only need to restock the Vensafe dispenser. This improves inventory management and control through a software solution that communicates inventory information.
Read more about how Select & Collect can improve inventory control and provide a better customer experience here.
Launching Vensafe 5.0
The Vensafe solution has been upgraded with both aesthetic and technological enhancements to better meet the needs of modern retailers and the demands of the modern shopper.
Both the dispenser and the touch screen kiosk have been redesigned. The dispenser has a new, more modern, front, upgraded electronics, a new locking system that improves security and a new barcode scanner. All this contributes to a more stable solution where dispensing errors are eliminated.
The touch screen has a new, more compact and sleek design, and features an integrated printer.
Both the dispenser and the touch screen kiosk can be equipped with the store’s branding and colours.
A new software platform has been developed that creates a better user interface for the customers and adds new features that help improve the productivity in the store.
The user interface has larger high resolution images and texts about the offered products. The updated promotional banner offers new possibilities for campaigns and upsells.
Retailers will enjoy better stock overviews through the new out-of-stock e-mail alerts. The new scanning feature simplifies and speeds up the price change process. The product simply has to be scanned to change the prices. Arranging the products on the kiosk screen is much easier now with the new drag-and-drop function.
Upselling potential with self-checkouts
The Vensafe solution can now be integrated with self-checkouts. That brings new opportunities for promotions and upselling. Vensafe is the only solution on the market that can display promotional products on the self-checkout screen. It is also the only solution that enables tobacco sales in the self-checkout. Customers simply press the button for the promotional item or the tobacco, pay for it and pick it up at the dispenser.
Interested in learning more about how to reduce shrinkage? Download our guide “Who is most vulnerable to shrinkage and what to do about it”.